Seeking consistency

This is a discussion on Seeking consistency within the Trading Journals forums, part of the Reception category; Very similar to the CHF the EUR CAD pair has printed daily rejection candles (hammer type) of lower prices at ...

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Old Jul 17, 2012, 8:44am   #442
Joined Dec 2009
EUR CAD long (counter trend)

Leia started this thread Very similar to the CHF the EUR CAD pair has printed daily rejection candles (hammer type) of lower prices at a significant weekly swing low, providing trigger for order entry and stop placement for a counter trend trade

I have placed a long order @ 1.24 00, stop 1.23 60 (risk -40pips) and target at 1.27 00 (reward +300 pips)
R=5
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eur-cad-daily-long-counter-trend-.gif  
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Old Jul 18, 2012, 8:22am   #443
Joined Dec 2009
Re: EUR CAD long (counter trend)

Leia started this thread
Quote:
Originally Posted by Leia View Post
I have placed a long order @ 1.24 00, stop 1.23 60 (risk -40pips) and target at 1.27 00 (reward +300 pips)
R=5
Price has seen 1.24 40 (+40pips), which being the same as my original risk for this trade dictates that I move my stop to a breakeven position
Attached Thumbnails
eur-cad-order-open-break-even.gif  
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Old Jul 18, 2012, 1:16pm   #444
Joined Dec 2009
Re: EUR CAD long (counter trend)

Leia started this thread
Quote:
Originally Posted by Leia View Post
Price has seen 1.24 40 (+40pips), which being the same as my original risk for this trade dictates that I move my stop to a breakeven position
Stop hit for NIL on this trade
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Old Jul 19, 2012, 10:26am   #445
Joined Dec 2009
GBP JPY short trigger

Leia started this thread My daily trend is down
My 4hour is long, but the 20ema has turned down

Price appears to have rejected higher prices at this time on the daily time-frame, at 50% re-tracement of the previous daily down swing and the 20ems 'dynamic' resistance

The 4h chart has just printed a candle with a shooting star formation (albeit not with a wick considerably higher than previous prices) and possibly rejection the 4h 20ema as potential dynamic support now become resistance

I have placed an order short at the round 123.00, with a stop just above the 4h candle high at 123.30 (-30pips risk) with an initial target of recent daily lows at 122.05 (+95 pips) R=3 and a second target of the lows at 120.00 (300 pips) r=10

as always, should my trade be opened and achieve a reward of +1 (30 pips) @ 122.70 I will move to breakeven
Attached Thumbnails
gbp-jpy-daily-short-set-up.gif   gbp-jpy-4h-trigger.gif  
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Old Jul 19, 2012, 10:57am   #446
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Re: GBP JPY short trigger

Leia started this thread
Quote:
Originally Posted by Leia View Post
I have placed an order short at the round 123.00, with a stop just above the 4h candle high at 123.30 (-30pips risk) with an initial target of recent daily lows at 122.05 (+95 pips) R=3 and a second target of the lows at 120.00 (300 pips) r=10
Trade opened and closed @ stop for -30 pips
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Old Jul 19, 2012, 1:57pm   #447
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Re: CAD CHF short (counter trend)

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Quote:
Originally Posted by Leia View Post
I have placed an order to short this pair at about 50% of yesterdays range @ 0.96 50
with a stop just above the high @ 0.97 10 (risk -60pips)
I have established a target at the confluence of the 61.8% re-tracement of the preceding daily up swing which is also a previous daily swing high that acted as resistance and may now become a support level @ 0.94 50 (reward +200pips)
R=3.
Trade opened and stop taken out for -60pips
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Old Jul 22, 2012, 7:16am   #448
Joined Dec 2009
Re: watch list for week commencing July 16th '12

Leia started this thread
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Originally Posted by Leia View Post
dir pair level of interest
short EUR USD 1.22 60
short GBP USD
long USD CHF 0.98 00
long GOLD EURO 1,288.0
short EUR GBP
short EUR NZD
short EUR AUD
short EUR JPY 97.50
short GBP CAD 1.58 15
short GBP NZD 1.96 00 (already traded this week of a R1 win)
short GPB JPY 123.30
short CHF JPY 80.84 or 81.25,watch price action
long NZD CHF
long AUD CHF

I also noticed two potential counter trend set ups on the daily time frame
long EUR CAD price is at support from 2010
short CAD CHF price is at a weekly swing high
I have just undertaken the same exercise for this week and also reviewed last weeks 'watch list'

In summary, whilst 5 of my 14 directions were right, none of them produced any obvious triggers (even with the benefit of hind-sight) and 2 of them were ignored because the lower time-frame trend (ma cross) changed during the week, to get into the trades. My two 'counter trend' trades were wrong, however I took them because I had acceptable triggers at previous significant support / resistance levels

Despite a bad week results wise, I haven't learned anything from last weeks price action that indicates to me that I need to make any changes to my trading plan
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